Summary
Wynn Resorts has officially opted out of the competition for one of New York City’s downstate casino licenses. This decision comes as part of their collaboration with Related Companies on a $12 billion casino proposal at Hudson Yards, which was met with significant local opposition. Wynn had modified their proposal to include more housing, but ultimately decided to invest resources elsewhere, citing more beneficial opportunities for shareholders.
This exit marks the second major pullback from the New York casino scene by a Las Vegas operator in recent weeks, following Sands’ withdrawal due to concerns over potential revenue loss from online gaming.
Key Points
- Wynn Resorts withdraws from Hudson Yards casino proposal, leaving three bidders remaining.
- Original bid included plans for 4,000 housing units but faced local opposition.
- Wynn plans to focus on existing developments rather than face potential backlash in NYC.
- This decision follows Sands’ recent exit from a Long Island project, pointing to concerns regarding market viability.
- Other prominent bids for downstate licenses remain, including proposals in Times Square and near the United Nations.
Why should I read this?
If you’re keeping an eye on the ever-shifting landscape of New York’s casino scene, this withdrawal is noteworthy. It sheds light on the challenges operators face and the potential shakeup in bidding dynamics. Plus, understanding the pulse of such big players like Wynn can give you insight into the future of gaming in NYC. We’ve done the legwork for you, so dive right in!
